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Gold regains sparkle
The price of gold in Vietnam accelerated on October 13 as global price rose sharply after the US Federal Reserve announced that it was ready to pump money to boost economic recovery.
Most gold shops bought gold at VND32.7 million and sold at VND32.8 million a tael, an increase of VND300,000 a tael over the previous day as of 10 am local time.
Saigon Jewelry Company, Vietnam’s biggest gold shops, bought the metal at VND32.68 million and sold at VND32.78 million as of 9:45 am.
Hanoi-based Bao Tin Minh Chau bought gold at VND32.64 million and sold at VND32.78 million as of 10 am.
Trading on bullion market was fairly low. Jewelers applied a narrow gap between buying and selling prices of VND40,000-100,000 a tael, as global prices had not showed signs of correction.
According to gold traders, gold supply was no longer plentiful. Thus, domestic gold prices remained sensitive to changes between buying and selling demand on the market. The rates would probably rise at a faster pace or drop at a slower pace than global prices.
The US dollar exchange rate was steady at VND19,800 for collecting, and VND19,840 for selling on black market.
State-owned Vietcombank bought the greenback at VND19,490 and sold at VND19,500.
Internationally, gold retreated in New York as the US dollar strengthened, eroding the precious metal’s appeal as an alternative investment channel.
Spot gold declined $3.4 an ounce over the previous session, or 0.3 percent, to close at $1,351.5 an ounce. Earlier, the metal sank to below $1,344 an ounce.
However, the greenback dropped after Fed said in its September meeting minutes that it was prepared to ease monetary policy “before long”.
In Asia, the metal speeded up quickly this morning. Gold for immediate delivery traded at $1,360 an ounce, up more than $7 an ounce over the closing price in New York.
The euro exchange rate against the US dollar climbed to near $1.4 a euro in Tokyo this morning from $1.38 yesterday.
Crude oil futures for November dipped $0.54 a barrel to close at $81.67 a barrel on the Mercantile Exchange.
This morning, crude oil traded above $82 a barrel.
Thuy Doan
sggp
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